In a case of first impression, the Georgia Court of Appeals has held that a foreclosure notice must identify both the secured lender and the "individual or entity who shall have full authority to negotiate, amend, and modify all terms of the mortgage with the debtor." Reese v. Provident Funding Associates, LLP, 2012 Ga. App. LEXIS … Continue Reading
Ritz Camera & Image, LLC, and Ritz Interactive, LLC filed Chapter 11 Petitions in Delaware today. The Ritz Camera case is Case No. 12-11868 (click here for Chapter 11 petition). The debtors have filed a Motion for Joint Administration under the Ritz Camera case number. Ritz operates several retail stores in Georgia under the Wolf … Continue Reading
In CML V, LLC v. Bax, No. 735, 2010 (Del. Supr. Sept. 2, 2011) (click here for .pdf of opinion), the Delaware Supreme Court addressed the questions of whether a creditor can file a derivative action against a limited liability company. Plaintiff CML asserted the following derivative claims against the present and former members of … Continue Reading
The Seventh Circuit Court of Appeals has issued the first published Circuit Court opinion on the question of whether trademarks are assignable in a Bankruptcy case. The opinion, authored by Judge Posner, is in the case of In re XMH Corp., Nos. 10-2596, 10-2597, 10-2598, 10-2599, 2011 U.S. App. LEXIS 15372 (7th Cir. July 26, 2011) (click … Continue Reading
With the economy and unemployment figures as they are today, many businesses find they have many more applicants for a job opening. This means employers may look for more ways to filter the resumes before the final rounds of interviews. Should a personal bankruptcy filing in the applicant’s past be considered in employment decisions? Many employers … Continue Reading
The State of Georgia is among the national leaders in banks closed by state and federal agencies. So far in 2011, six Georgia banks have been closed, with the latest two being Habersham Bank and Citizens Bank of Effingham. Since late 2008, when the banking crisis hit, a total of fifty seven Georgia banks have … Continue Reading
It is not uncommon for financially distressed businesses to get behind on payroll taxes, especially when the company does not have a payroll service that handles the payment of all taxes and automatically deducts the full amount from the company’s bank accounts. Chapter 11 cases often have significant unpaid payroll taxes scheduled as a priority … Continue Reading
Section 529 Plans are tax advantaged savings plans intended to encourage saving for future college costs. There are two types of qualified tuition programs: a prepaid tuition plan or a college savings plan They are authorized under Section 529 of the Internal Revenue Code (26 U.S.C. § 529). Click here for a basic summary of 529 Plans. Are … Continue Reading
Edited August 18 – Debtor Southeast Waffles has withdrawn its Plan of Reorganization and requests the Court take no further action on its plan. As the Debtor’s plan was to sell to Mickelson’s group, it appears, at least for now, his bid is over. Joe Guy Collier of the Atlanta Journal Constitution wrote an article … Continue Reading
Finlay Enterprises Inc., the parent company of jewelry retailer Bailey Banks & Biddle, filed their petition in New York yesterday. There are three Bailey Banks & Biddle stores in Atlanta: Lenox Square Mall, Perimeter Mall and Mall of Georgia. From the Atlanta Business Chronicle, the company announced plans to sell the business and assets at auction. … Continue Reading
The Atlanta Business Chronicle is reporting that Ritz Camera, which operates as Wolf Camera in many locations (incl. Georgia), is giving up its reorganization efforts and will try to sell all remaining locations. Click here for the article by Barton Eckert. From the article: In a court filing, Ritz Camera reported it is talking with two … Continue Reading
From the Wall Street Journal, Six Flags, Inc., which has three parks in metro Atlanta (Six Flags, White Water and American Adventures), has filed a Chapter 11 Bankruptcy petition this morning in the District of Delaware. Click here for the company news release and here for an article that attaches the petition. From the WSJ article - … Continue Reading
Crunch Fitness, which has a location on Piedmont Road in Buckhead, filed a Chapter 11 petition in New York today. From Bloomberg - Crunch Fitness, a gym operator with 73,000 members and clubs in six U.S. cities, filed for bankruptcy protection from creditors in New York, citing slowing membership and overpriced leases for some locations. … Continue Reading
From Reuters, General Growth Properties, which owns Comberland, North Point, Perimeter and Southlake Malls in Metro Atlanta, field a Chapter 11 Bankruptcy petition in the Southern District of New York. General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S. … Continue Reading
Supermarket chain Bi-Lo filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court, District of South Carolina. According to its website, the chain has several stores in Georgia. From the Associated Press - Details of the credit agreement terms were not immediately available but the company said it has met all the loan’s … Continue Reading
Six Flags Theme Parks, which includes Six Flags Over Georgia, Six Flags White Water, and American Adventures parks in the Atlanta area, is experience significant financial difficulties and there is speculation that a Chapter 11 Bankruptcy filing might be in its future. From the Associated Press: Shares of Six Flags Inc. fell in premarket trading … Continue Reading
As mentioned in this post, Ritz Camera, owner of Wolf Camera, filed a Chapter 11 petition last month. Ritz also owns Boater’s World stores, with two locations in Georgia. According to the article, Ritz will liquidate Boater’s World Stores and close half of its 800 camera stores. Apparently they have not yet decided which camera … Continue Reading
Ritz Camera, the owner and operator of Boaters World and Wolf Camera, filed a Chapter 11 petition today in Delaware. Ritz bought Wolf in 2001 after Wolf filed a Chapter 11 in 2000. Wolf had previously purchased Fox Photo. Wolf has several stores in Atlanta, and Boaters World has two locations in Georgia. From Reuters: NEW YORK, … Continue Reading
Georgia based Peanut Corporation of America, which obviously is facing a long list of problems, filed a Chapter 7 Bankruptcy petition in the Western District of Virginia. From Reuters: NEW YORK (Reuters) – Peanut Corporation of America sought bankruptcy protection on Friday after a salmonella outbreak traced to one of its plants led to one of … Continue Reading
S&K Famous Brands., Inc., doing business as S & K Menswear, filed a Chapter 11 petition today. The company has stores in Georgia and the Southeast. From Reuters: S & K Famous Brands Inc, which operates men’s clothing stores mostly in mid-Atlantic states and the Carolinas, filed for Chapter 11 bankruptcy protection on Monday, … Continue Reading
Spectrum Brands, Inc., the Atlanta-based manufacturer of Ray-o-vac, Remington, Spectracide, Cutter, Repel and other well-known brands, has filed a Chapter 11 petition in the Western District of Texas. Click here for the company’s press release: ATLANTA–(BUSINESS WIRE)–Spectrum Brands (PINK SHEETS: SPCB – News) today announced that it has reached agreements with noteholders representing, in the aggregate, … Continue Reading
Discount Clothing Retailer Goody’s Family Clothing decided last week to liquidate and close its remaining stores, after emerging from Chapter 11 only a few months earlier. Now it has filed Chapter 11 again. From Reuters - Goody’s LLC, a privately held family apparel retailer that emerged from bankruptcy in October, has filed for Chapter 11 protection again, and … Continue Reading
From Reuters: Nortel Networks, the maker of telephone equipment, filed for bankruptcy protection on Wednesday, a day before it was scheduled to make an interest payment of about $107 million. Nortel and a number of its affiliates filed for Chapter 11 bankruptcy protection in federal bankruptcy court in Delaware. “Based on this filing, the board of … Continue Reading
Shane Company, a jewelry retailer with four locations around Atlanta according to its website, filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Colorado. Chapter 11 Case No. 09-10367. Hear the announcement from Tom Shane himself. From Reuters: Shane Co, a privately held jewellery retailer, filed for Chapter 11 bankruptcy protection … Continue Reading
